ArtN, a subsidiary of Warsaw Stock Exchange-listed developer Capital Park, has secured €60 million in bank financing from the European Investment Bank (EIB) for its eponymous mixed-use development in the Polish capital. The loan represents the first transaction signed by the EIB in Poland with a real estate investor under a project financing scheme. ArtN earlier secured an almost €160-million loan from bank PKO S.A. for the project with the bank’s commitment having been reduced to less than €100 million due to the EIB’s involvement. Located in the Wola district of Warsaw, the ArtN scheme will entail the redevelopment of the historic, post-industrial Norblin site. It will offer over 64,000 sqm of usable space and will include office, retail, entertainment and cultural areas. Its completion has been scheduled for late 2020.
Image: Capital Park